Housing Market Status Inspires Some Buyers

With the status of the housing market in flux, and certainly nowhere close to the status of secure, many buyers are actually looking to capitalize on the current state and gamble their luck on purchasing a home. According to the New York Times, this initiative of buyers, as well as the needs of many to simply change or upgrade their housing status for personal reasons, has prompted the federal government into recent response. For example, the Federal Reserve cut interest rates by the largest single amount ever on record, while President Bush simultaneously drew the outline for a $150 billion stimulus plan. An aid package also includes allowances, which should make it easier for consumers to obtain mortgages of up to $600,000 or more.

To read more on homebuyers in the current housing market, please visit: http://www.nytimes.com/2008/01/26/business/yourmoney/26mortgage.html?ref=yourmoney

HUD Promises Disaster Assistance to AK and TN Tornado Victims

According to HUD, disaster assistance will be readily available to ten counties in Arkansas and five counties in Tennessee that felt the disastrous impact of recent tornadoes. This assistance initiative includes support to homeowners and low-income renters who were forced to evacuate their homes during the high winds and flooding of the storm. The support includes offering the states of TN and AK the ability to re-allocate existing federal resources toward tornado relief, allowing for immediate relief from foreclosures, ensuring that mortgage insurance is available for both mortgages and home rehabilitation, and offering section 108 loan guarantee assistance.

For more details on HUD’s efforts to support disaster relief in Arkansas, please visit: http://www.hud.gov/news/release.cfm?content=pr08-019.cfm&CFID=4115041&CFTOKEN=52052542.

For more details on HUD’s efforts to support disaster relief in Tennessee, please visit: http://www.hud.gov/news/release.cfm?content=pr08-018.cfm&CFID=4115041&CFTOKEN=52052542

VA, CA, TX Housing Developments Receive 2007 Best in American Living Award

The high quality design and affordable innovation of three local housing developments in Blacksburg, VA; Palm Desert, CA; and Denton, TX, have led to their award winning status as recipients of the 2007 Best in American Living Award. These developments were recognized by HUD Secretary Alphonso Jackson, who noted that each of these unique developments are the result of a cooperative public and private initiative to extend opportunities for homeownership to underprivileged families. This award is sponsored annually by Professional Builder Magazine and the National Association of Home Builders, with HUD also helping in the selection process.

For more information regarding this award, and the recognition of these housing developments, please visit http://www.hud.gov/news/release.cfm?content=pr08-021.cfm&CFID=4115041&CFTOKEN=52052542